Like all negotiations, settlements rely on parties exchanging value with each other. The ultimate bargaining position? Offer significant value to the other party at a small—or even non-existent—cost to yourself. Now take the calculation into the realm of medical care and negotiations on behalf of injured individuals. You might be balancing the loss of coverage but gaining freedom in resolving a workers’ compensation claim—or considering current costs against future impacts in a pending liability claim. Here, as with all settlements, the ultimate value is delivered in savings.
ChronovoCareTM is a medical savings program that provides deep discounts between 15% to 80% on prescription drugs and a wide range of medical products and services. Unlike other medical savings programs, ChronovoCare has no restrictions, limitations, or commitments to trouble the claimant. It is entirely free. Membership requires no new bank accounts, no linked checking accounts and no ceding medical decisions to an administrator or a network. ChronovoCare is also entirely confidential and can be used by anyone, for any medical need, with complete choice of brands, doctors and facilities.
ChronovoCare is proving to be an important tool in the settlement negotiation process. Combined with a structured settlement or offered as an independent asset to maximize medical funds over the long term, ChronovoCare offers a win-win by addressing the fundamental costs, concerns and complexities that often impede settlement.
How can ChronovoCare Advance Settlements?
Here are six opportunities for creating value with our new medical savings plan.
1. Create a new path. In workers’ compensation cases, minimizing the duration of time claimants rely on the insured system increases the likelihood that they are willing to seek independence and consider settlement. When ChronovoCare is included with the initial settlement, it initiates a dialog about the benefits of medical independence and the ability to avoid the common limitations and frustrations associated with workers’ compensation medical benefit delivery.
2. Offer an alternative to professional administration. Claimants may not choose professional administration due to fear of giving up control of medical funds, lack of concern about potentially limiting future Medicare benefits, or confusion about the product being offered. ChronovoCare offers these claimants savings, flexibility and freedom. All expenditures are tracked and available for MSA self-reporting, but not limited to the compensable injury. Entirely free of cost and commitment, ChronovoCare is an accessible and flexible option claimants can easily understand and benefit from.
3. Reduce no-cost risk EBMSA and “non-submits.” Carriers and self-insureds that choose “not to submit” or evidence-based MSAs (EBMSAs) in workers’ compensation claims should consider ChronovoCare as a prudent, no-cost tool to provide access to comparable pricing used in the MSA. Including ChronovoCare with all settlements (especially those that don’t entail professional administration) mitigates CMS scrutiny about forecasting future medical costs in an MSA based on pricing that is not actually available to the claimant.
4. Solve pre- and post-settlement medical challenges. In liability claims, ChronovoCare can extend goodwill and set a positive tone with plaintiffs. This especially applies while claims are pending on cases where causation is clear but damages are still being debated. ChronovoCare provides an advance at significantly lower costs and, better yet, it may mitigate the need for litigation loans that often muddle the settlement process.
5. Right-size a life care plan. In liability cases, experts often clash over future medical costs. In addition to financing these plans with structured settlements that reflect rated ages, ChronovoCare provides a realistic data point to the debate. With or without the structure, significant discounts on a wide variety of medical needs can help optimize the life care plan.
6. Settle legacy cases. With significant drops in new workers’ compensation case volume because of COVID-19, many carriers, self-insureds and TPAs are refocusing claims resources on closing “aged pending” or “pension” cases. This provides an opportunity to initiate conversations on stalled legacy cases and develop pathways for claimants’ financial and medical well-being. ChronovoCare meets an important need for those long frustrated by complicated utilization reviews, medical treatment guidelines and Rx prior authorization requirements. It delivers real value and, just as important, an added measure of peace of mind.
Learn more at Chronovo.care